China’s gross domestic product (GDP) expanded by 5.3% year-on-year in the first quarter of 2024, according to data released by the National Bureau of Statistics of China. This growth rate surpasses previous market forecasts, signaling a stabilization of economic conditions and a boost in consumer confidence.
Raymond Yeung, Chief Economist for Greater China at ANZ, highlighted the significance of this development. “The first quarter growth was beyond market expectations, indicating that consumer confidence has improved and domestic consumption is on the rise,” Yeung told CGTN.
The stronger-than-anticipated GDP figures suggest that government policies aimed at revitalizing the economy are yielding positive results. Analysts attribute the growth to increased consumer spending, robust investment in infrastructure, and a rebound in the manufacturing sector.
Yeung emphasized the importance of sustained consumer demand for continued economic momentum. “The key to maintaining this growth trajectory is to foster consumer confidence and support income growth and job creation,” he added.
The positive economic data from China is expected to have a ripple effect on global markets, offering opportunities for investors and businesses worldwide. As China’s economy continues to recover, market watchers will be attentive to whether this upward trend persists throughout the year.
Reference(s):
ANZ Economist: China's Q1 growth surpasses previous forecast
cgtn.com
